The United Kingdoms central bank has become the first in a major advanced economy to raise interest rates since the coronavirus pandemic began. Banks controlling monetary policy around the globe are shifting their focus from stimulating the economy to combating soaring consumer prices that arrived during the recovery. The moves come despite the threat that the new omicron variant of COVID19 poses. The European Central Bank took a much more cautious approach than the Bank of England on Thursday. The U.S. Federal Reserve decided this week to speed up its exit from pandemic crisis support, while Norway raised rates and Turkey cut them.
from Top Business News- News18.com
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